What is NetSuite ERP : its need, modules, and how it works
What is NetSuite ERP?
ERP is an Enterprise Resource Planning application automating and streamlining an organization’s business processes. NetSuite is a software company developing software, applications, and platforms to improve businesses’ efficiencies. NetSuite ERP is a cloud ERP solution that streamlines business processes and improves productivity.
It is an NetSuite ERP solution preferred by small, midsize, and large organizations in different industries. It is a flexible platform that supports many languages, currencies, and tax compliance. It helps you capitalize on opportunities and aligns with your business needs to lead to growth.
Why do you need NetSuite ERP?
ERP software automates your business processes, makes them leaner and more accurate, and improves efficiency. It gives you complete outlook of your business operations to help make decisions. It integrates all your critical business functions to ensure all work together in sync, generating better results.
NetSuite ERP does all of the above in a better way and with more functionalities. If you see any of the below in your organization, it’s time to implement the NetSuite ERP solution:
The incapability of existing systems
The existing technology systems in your organization are unable to do the job. They have become inadequate considering the rise in tasks to be performed and the complexity of work. This inadequacy leaves a gap in the results you generate, which do not lead to anything meaningful.
NetSuite ERP streamlines and simplifies all your processes, procedures, and methods, resulting in better handling of your operations.
Changes in business conditions
The business environment around you is constantly changing. The industry of your operations is evolving, and demand is rising. Your business must adapt to these changing conditions and become more competitive to grow. And your existing systems would not be able to take up this change in demand and business conditions.
In such cases, NetSuite ERP is a scalable and flexible solution, able to handle changes in data, customer needs, and business conditions efficiently, easily, and accurately.
Increase in your organizational data
Your business operations are generating a lot of data. And you need to process all this data to analyze it further, create insights, and make decisions. So, you must have a platform to handle the enormous volume of data and its processing.
NetSuite ERP is designed to handle loads of data from different business functions, including CRM, financials, accounting, supply chain, inventory, etc.
No or less visibility of operations
Your organization is growing, and you have a lot of things going on. You are unable to track all of them or connect them for a better understanding of your performance. It affects your efficiency, costs you more, and delays your decision-making.
NetSuite ERP provides an integrated dashboard that includes insights from all processes presented in the best formats with real-time updates of data and better reporting.
Problems in coordination and collaboration
Spreadsheets cannot handle the load of so much data and information from different functions and departments. That is why it becomes difficult to coordinate and collaborate on tasks requiring support from several functions. You need an application to take you to the data point you need at any time from any location.
NetSuite ERP integrates all your business functions and has a single database that collaborates with your departments and makes coordination easier.
More errors, delays, and high costs
Manual work leads to more errors that delay the projects or increase expenses. Also, with no common spreadsheets shared between departments, data inconsistencies occur. The best solution is an application that automates your business operations, reducing the chances of error. Automation increases the efficiency of processes, leading to on-time completion with reduced costs.
NetSuite ERP automates all your business processes and eliminates duplication, saving more time and money and eliminating manual errors.
Fewer growth opportunities
Your outdated system with less functionality cannot hold your current growth requirements. It affects your growth strategies and future courses of action. It is better to adopt new systems that can give you more control over your processes, improve their efficiencies, and thus, increase your company value.
NetSuite ERP makes you industry-ready by eliminating inefficiencies, empowering your operations to keep up with the demand, and increasing your growth prospects
What are the primary modules of NetSuite ERP?
There are several modules available in NetSuite ERP. You can select and customize the solution as per your business needs:
You have a solution for the chaotic manual process of managing your warehouse in NetSuite ERP. Whether it’s inbound logistics, bin management, or order fulfillment, everything gets resolved smoothly. With this platform, you can also have complete visibility, reduce data errors, use warehouse space smartly, and improve order picking.
NetSuite ERP enables the management of multiple projects simultaneously. It helps in project planning, team collaborations, operations, tracking metrics, budgeting, and achieving goals. Thus, you can deliver more efficient projects, generate more profits, and get complete visibility of KPIs on dashboards and reports.
ERP makes your NetSuite eCommerce operations fasters, easier, and smoother to deliver expected results. You can easily handle your eCommerce website on any device from any location, reducing your total cost of ownership. With the management of hardware and software made easy by the NetSuite ERP solution, your business becomes more agile.
NetSuite ERP lets you have a real-time view of your inventory to help you manage it well. You can plan your inventory based on demand to have the right amount of stock, thereby reducing your inventory handling expenses. One of the key highlights is that you can track a product’s journey from the supplier to the customer.
Customer relationship management
You can manage your communication and interactions with customers, suppliers, and partners with the help of NetSuite CRM. With all customer data in one place, you can create exceptional customer experiences to satisfy them. Such experiences improve your campaign effectiveness and sales performance, leading to better customer relationships.
Finance and accounting
NetSuite ERP helps you manage your financial processes more accurately and smoothly. You can improve your accounting, billing, planning, budgeting, financial reporting, and compliance with financial laws. Automating accounting processes makes you more accurate, timely, and compliant with relevant regulations.
It automates your entire ordering process, leading to accuracy in order fulfillment, on-time delivery, and lesser costs. You can streamline your business processes of sales orders, returns and exchanges, pricing, and multichannel orders. NetSuite ERP ensures you do not face stockouts or delays in shipments. And with a single data source, you can provide a superior experience.
Supply chain management
NetSuite ERP lets you have complete visibility of your production data, inventories, outstanding orders, and financial reports in real-time. Such visibility allows you to deliver orders on time and as per the specifications, reducing your costs. You can also regularly review your production process to guarantee standard quality and minimize production delays.
Human resources management
You can automate the processes of payroll, performance management, workforce engagement, and general administrative activities. NetSuite ERP makes all these possible, thereby eliminating inaccurate reporting and inefficiencies. These motivate the employees more, empowering them and creating a productive atmosphere.
You can create targeted marketing campaigns to convert your leads to customers based on different factors. NetSuite ERP also optimizes your marketing ROI by measuring campaign performance in real-time. Your campaigns become more effective because of the collaboration between the marketing and sales teams made possible by this solution.
How does NetSuite ERP work?
NetSuite ERP is a cloud ERP solution available to users via the cloud. It means that users are always online. Also, you can access data and information from anywhere – from your home, on the go, in the office, or any remote location.
It is a multi-tenant cloud ERP platform. It means multiple users access the same software and back-end infrastructure. The software gets updated frequently, which is notified to users.
You can access the NetSuite ERP platform from any device – be it smartphones, tablets, laptops, or desktop computers. You just need internet access to use the software through a browser.
Organizations provide role-based access to users. It means users can access only that much information for which they are authorized; you cannot read data that is irrelevant to your role. But users can create customized home dashboards based on the data they want to check in the graphs, charts, lists, KPIs, etc.
NetSuite ERP is available on a subscription licensing model to users. It means organizations can buy different editions based on the required number of user licenses. You can have a full user license or one with limited functionality.
You must make the best use of your NetSuite ERP by understanding it fully and getting relevant training. You can hire a NetSuite vendor for implementation support, training courses, and other support services.
Cloudiotech is a top-tier NetSuite implementation partner in the UAE and the US. We have an excellent team of NetSuite ERP experts with experience handling the same in all industries. We have been conducting NetSuite training for employees to ensure maximum usage for your business.
We understand your business needs and suggest NetSuite customizations that can drive your business efficiency. Our advisory services help you better understand it to achieve your business goals.
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